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Gold in Holding Pattern as Debt Ceiling Fight Looms

The metals were quiet, but miners fell across the board


Gold Silver GLD IAU SLVGold was mostly flat in Tuesday trading, mirroring the progress made on the debt ceiling and government funding standoff in Washington, D.C. Meanwhile, silver posted a marginal gain.

The U.S. government has been shut down since last Tuesday because of an impasse between congressional Republicans and the White House over GOP efforts to tie needed funding legislation to the implementation of President Barack Obama’s Affordable Care Act. There was no sign of a possible deal between the two sides today as lawmakers from both parties traded jabs.

Trade of the Day: SPDR Gold Trust (GLD)
Trade of the Day: SPDR Gold Trust (GLD)

The Treasury Department has indicated that the country will run out of funds to pay its debt obligations next week.

Gold futures for December delivery dipped by 50 cents, falling to $1,324.60 per ounce on Tuesday, according to CME Group. Gold traded as high as $1,330.80 and as low as $1,315.40. Bullion closed in London at $1,321, according to BullionVault.

Silver futures for December delivery inched up 0.2% to $22.44 per ounce. Tuesday’s high for silver was $22.53, while the low was $21.11.

Metal funds moved slightly lower in Tuesday trading.

  • The SPDR Gold Shares (GLD) slipped 0.2%.
  • The iShares Gold Trust (IAU) also fell 0.2%.
  • The iShares Silver Trust (SLV) declined 0.2%.

Mining ETFs sank during the day.

  • The Market Vectors Gold Miners ETF (GDX) dropped 3.2%.
  • The Market Vectors Junior Gold Miners ETF (GDXJ) slumped 3.3%.
  • The Global X Silver Miners ETF (SIL) decreased 3.5%.

Gold mining shares pulled back on Tuesday.

  • Agnico-Eagle Mines (AEM) slid 4.1%.
  • Barrick Gold (ABX) fell 3.4%.
  • Eldorado Gold (EGO) tumbled 6%.
  • Goldcorp (GG) waned 2.6%.
  • Kinross Gold (KGC) moved down 2.7%.
  • Newmont Mining (NEM) dropped 3.1%.
  • NovaGold Resources (NG) sank 3.9%.
  • Yamana Gold (AUY) slipped 3.3%.

Silver mining shares retreated during the day.

  • Coeur d’Alene Mines (CDE) fell 2.7%.
  • Hecla Mining (HL) dropped 3.5%.
  • Pan American Silver (PAAS) slid 3.1%.
  • Silver Wheaton (SLW) tumbled 5.1%.
  • Silver Standard Resources (SSRI) sank 3.8%.

As of this writing, Christopher Freeburn did not hold a position in any of the aforementioned securities. Adrian Ash of BullionVault contributed to this report.

Article printed from InvestorPlace Media,

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